Surgical Innovations says FY trading slightly up on views

Surgical Innovations Group said its trading performance for the year was slightly ahead of the board's previous expectations.

"Revenues increased by approximately 10% compared with the prior year, and exceeded £6m. Gross margins showed continued improvement and came into line with a target range of above 32% of revenues for the full year," it said.

"The net result for the year is expected to show a return to profitability at the profit before taxation level.

"Bank borrowings were fully repaid prior to the end of the financial year, and year end net cash balances were approximately £0.8m (2015: net bank debt of £1.0m).

"The integration of the laparoscopic business and assets of Surgical Dynamics Limited, acquired in November 2016, is continuing and progress is satisfactory.

"This work is expected to continue through the first quarter of 2017, with manufacture of these additional products underway at Leeds by the end of March."